New Samsung plant will boost India's economy: PM Modi

Prime Minister Narendra Modi on Monday said that the new Samsung mobile factory will further strengthen the bilateral relations between India and South Korea and enhance India's economy.

Addressing a gathering at the Samsung plant here, Prime Minister Modi underscored that the company's largest factory will be established in India, adding that Samsung acquired an important position in the daily lives of the people of India.

Underlining that the new facility will boost the Centre's Make in India initiative, he said, " The development of this factory will help in speeding the Make of India which is not just part of our economic policy but also a promise of good relations with countries like South Korea. This Rs. 5,000 crore deal will not only make Samsung's business relations with India strong but also strengthen India's ties with South Korea."

"'GeM' means Government e-Market, through this, Govt is now directly buying from producers. This is benefiting medium and small entrepreneurs. This has also brought transparency. Transactions worth Rs 41,000 crore have been done through BHIM app in June alone. The launch of BHIM app in other countries and RuPay cards will help in Indian empowerment as well as boost Make in India project," Prime Minister Modi added.

Acknowledging that Korean products are popular in India, the Prime Minister said, "Whenever I talk to business community representatives, I always mention one thing that I don't think there is a middle-class home in India where a Korean product is not found."

Prime Minister Modi stressed that over one crore mobile phones would be manufactured in the new Samsung facility, which will give a boost to the country's economy.

He added that with the help of South Korea's technological expertise and India's manufacturing expertise, both the countries' economies would be empowered.

The Prime Minister continued, "Samsung is a world leader in technology today. India is using 40 crore smartphones, 32 crore people are using broadband technology. Internet data is available for cheap. Fibre network is reaching rural areas."

Furthermore, he said that Samsung gave employment to 70,000 people in India and added that the number of manufacturing factories in mobiles had gone up to 120 from just two since 2014.

Earlier, South Korean President Moon, who is on a three-day visit to India, addressed at the India-Korea business forum and visited Gandhi Smriti with Prime Minister Modi.

Thereafter, the two leaders took a ride on the Delhi Metro to visit the new Samsung facility in Noida.

This is President Moon's first-ever state visit to India after he took over as the President last year.